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Young people are always told to get a degree because a good education is a passport to a good job.

Up to a point.

Australian research on household income shows that those who skipped university and went straight into the workforce are not destined for dead-end jobs.

Melbourne University researchers have gone over census data and found that almost a quarter of men and almost 30 percent of women who didn't complete high school were in the top half of the earnings scale in 2005.

The researchers identified those ready to take risks as the most likely to prosper despite leaving school early. Being good at getting along with people was also a leading indicator of financial success among those without a degree behind them.

"For both men and women, not being financially risk-averse was quite a strong determinant of high earnings," the Melbourne Institute of Applied Economic and Social Research report stated.